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So hot take, I firmly believe NFT's at this is point an utter scam. Digital property unlike physical property can be trivially & exactly replicated. That princ
by Jaepa 4y ago
So hot take, I firmly believe NFT's at this is point an utter scam.
Digital property unlike physical property can be trivially & exactly replicated. That principle is what the entire web is based on. Downloading webpages, images, streaming media, et al are all based on creating an exact copy of the source material on the local machine. The only part that is different is the shared record, which _does not_ prove ownership. It proves that you have the private key for a token, but there is no ownership inferred beyond that of the token.
I do think there was potential for NFT's, particularly banal single use uses¹. But at this point it has become such a parity of itself I can't imagine any use getting any traction².
1: the best example I can think of this is postage for email. Create a token of the hash of an email sender/email receiptant/email subject & body & a timestamp of when the message was /will be sent. Then include the location of this in the email headers.
2: There is also the massive environmental impact. I don't think it is morally sound to support any type of NFT based system at this point.